As provisioned in the NAC
Bylaws, a NAC Foundation has
been recently established
which is the charitable and
philanthropic arm of the Council.
The objective of the Foundation
is to develop and raise funds
from various individuals and
organizations and maintain
general funds and an endowment
of funds which can be used
for certain specified charitable
purposes in helping the Nepali
community in North America.
The NAC Board will make decisions
on the way to utilize the
funds for the benefit of several
community needs in North America.
The income from the foundation
funds may be utilized for
uses, such as, emergency funds
for people in medical and
accidental needs, for organizing
forums on development in Nepal,
and to supplement the promotion
of Nepal culture, and for
supporting needy NAC members.
The Foundation will maintain
a General Foundation Fund
with a goal raising $25,000
to support community activities.
NAC Foundation will also consist
of Legacy Funds with a goal
of raising over $100,000 to
create a permanently endowed
resource. Unrestricted and
unnamed contributions to the
foundation shall be deposited
on NAC Foundation, whereas
the legacy funds will bear
the names as requested by
the donors. The minimum contribution
for legacy funds is 5,000
payable within two years.
The legacy funds will remain
permanently endowed, and a
part of the interest will
be reinvested in the funds
to compensate for inflation.
Remainder of income from the
funds will be available for
uses as mentioned above and
as decided by the NAC Board.
The first legacy fund has
been contributed in the amount
of US$ 5,000 by Dr. Prahlad
and Mrs. Bindu Pant of Cincinnati
Ohio. NAC is grateful for
the contribution from Dr.
Pant and his wife. Dr. Pant
is one of the founders of
NAC, and currently serves
NAC as adviser.
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